Fair Market Value vs ready reckoner value

This discussion explores the distinction between Fair Market Value (FMV) and Ready Reckoner price, particularly in the context of property transactions and tax filings like ITR-3. The original poster purchased a flat in 1988 and received a Ready Reckoner valuation in 2001. They are seeking clarification on whether FMV, as used in ITR-3, equates to the Ready Reckoner price, especially when current sale prices differ significantly from departmental valuations. Advice suggests obtaining the official price from the Sub-Registrar's office for accuracy.